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5271 Mineral Lake Drive Las Vegas, NV 89122

2 Beds 2 Baths 1,088 sqft Built 2001

$270,000

List Price

$1,160

$1K - $1.3K

Rent Est.

PROPERTY INFO

January 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $248.16
  • 7 Days on Market
  • MLS # : 2262599
  • Updated Date : 01/19/2021 at 01:43
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,088 sqft
  • Baths : 2 full
Listing Agent

Exp Realty

Listing Agent's Description

Well maintained single story 2 Bedroom 2 Bath home in a quaint gated community including a pool, spa, basketball courts and a park. The bright interior of this property features laminate flooring through out the entire home including in the closets. Nice spacious Living area, and dining area open layout to kitchen. The property includes solar panels and virtually no electric monthly bill! New covered patio in nice private backyard.

SEE MORE

MARKET HIGHLIGHTS

  • A $7.5 billion mixed-use 6-year project known as Bleutech Park Las Vegas is starting in December 2019. The project will incorporate environmental and technological features such as water purification, on-site waste treatment and localized air cleaning. Described as an “insular mini-city,” the plan calls for use of autonomous vehicles, AI, augmented reality, robotics and other advanced technologies. (reBusinessOnline - France Media, 2019)
  • Las Vegas metro's major employers include: MGM Resorts International, Caesars Entertainment Corporation, Stations Casinos, LLC., Wynn Resorts, Boyd Gaming Corporation, Las Vegas Sands Corporation, Walmart Stores, Cosmopolitan of Las Vegas, The Valley Health System and Supervalu (Las Vegas Sun, 2019)
  • Las Vegas metro's economy was worth $124.9 billion in Gross Metro Product in 2018 and projected to grow to $133.2 billion in 2019 (USMayors.org, 2018)
  • As the largest share, Las Vegas metro contributes to 75.1% of Nevada state's economy i.e. Gross State Product (USMayors.org, 2018)
  • Las Vegas metro has 61.2% labor force participation rate (USMayors.org, 2018)
  • Las Vegas metro's employment growth was at 2.6% in 2018 and predicted to grow at the rate of 1.7% in 2019 (USMayors.org, 2018)

PRICE & RENT TRENDS

Zip Code: 89122

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $84k296k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Zip Code: 89122

ZipNIR Market*CityMarket2010Year20002019 Q21000105011001150120012501300135014001450150015501600Rent in $9651603

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Sister Robert Joseph Bailey Elementary School Primary Regular 839 46 4
Francis Cortney Middle School Middle Regular 1,235 52 NA
Basic High School High Regular 2,367 100 3

Sister Robert Joseph Bailey Elementary School

  • Education Level: Primary
  • # of students: 839
  • # of teachers: 46
4
GreatSchools Rating

Francis Cortney Middle School

  • Education Level: Middle
  • # of students: 1,235
  • # of teachers: 52
NA
GreatSchools Rating

Basic High School

  • Education Level: High
  • # of students: 2,367
  • # of teachers: 100
3
GreatSchools Rating
 

$243,000$297,000$270,000

PURCHASE PRICE

$1,044$1,276$1,160

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,160
EXPENSES Loan Payment -$938
Property Tax -$155
Property Insurance -$48
Property Management Fees -$119
CASH FLOW
-$101

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 17% of earned rent to cover both maintenance and periods of vacancy.

$270,000

PROJECTED PRICE

$1,160

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 11.1%
Maintenance Year (1-5) 8.00%
Vacancy 8.50%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,300

INVESTMENT

$77,300

Down Payment
$67,500
Rehab Estimate
$5,750
Closing Costs
$4,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$938

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $67,500
Loan Amount $202,500
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$8,425

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $1,160

    LIST RENT
  • $1.07

    LIST RENT PER SQFT
  • $996

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,095
1$1,0952$1,1603$1,295
$1,295
RENT COMPS ANALYSIS
  • 5271 Mineral Lake Drive Las Vegas, NV 2
    • 2 beds 2 baths ∙ 1,088 Sqft ∙ Built 2001 2 beds 2 baths ∙ 1,088 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,160
    • $1.07
    •  
  • 6592 Strolling Plains Lane #101 Henderson, NV 1
    • 2 beds 2 baths ∙ 1,189 Sqft ∙ Built 2004 2 beds 2 baths ∙ 1,189 Sqft ∙ Built 2004
    LEASED 11/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,095
    • $0.92
    •  
  • 6371 Lorne Green Avenue #102 Henderson, NV 3
    • 2 beds 3 baths ∙ 1,417 Sqft ∙ Built 2002 2 beds 3 baths ∙ 1,417 Sqft ∙ Built 2002
    LEASED 01/15/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.91
    •  
PROPERTY LISTING DETAILS
Christine Snedden
1.702.506.4612
Exp Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2262599
Last Updated: 01/19/2021
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